In season 1961-62, AC Milan hired Nereo Rocco, an innovative football coach, known as inventor of the catenaccio tactic. The team included a young Gianni Rivera and José Altafini. The following season, thanks also to Altafini's goals, Milan won their first European Cup (later known as UEFA Champion League) by defeating Benfica 2-1. This was also the first time an Italian team won the European Cup.

Despite that, during the 1960s Milan won less trophies, mainly because of the heavy concurrence of Helenio Herrera's Inter. Its next Scudetto arrived only in 1967/1968, thanks to the goals of Pierino Prati, the Serie A topscorer in that season, as well as the Cup Winners' Cup, won against Hamburger SV thanks to the two goals of Kurt Hamrin. The next season AC Milan won its second European Cup (4-1 to AFC Ajax), and in 1969 won its first Intercontinental Cup, after having defeated Estudiantes de La Plata of Argentina in two dramatic legs (3-0, 1-2).

In the 1970s, AC Milan won three Italian Cups and its second Cup Winners' Cup; however, the real goal of the Rossoneri was the tenth Scudetto, which would have awarded the first stella ("star") to the team. In 1972 they reached the semi-final of the UEFA Cup losing to eventual cup winners Tottenham Hotspur. A strong 1972/1973 season provided their first opportunity for the tenth Scudetto, but ultimately proved a failure after a humiliating defeat against Hellas Verona F.C. on the last day of the season.